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Behringer Harvard REIT I acquired One City Centre in Houston from Broadway Partners LLC for $131 million. The office building contains 608,622 square feet of space and was 95.5% leased at the time of the sale.

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Hedge funds that have been dabbling in mortgage-backed securities, including bonds backed by risky subprime mortgages, have been facing a tough time thus far. The investments by so-called distressed investors have been closely watched as they may be a major component in stopping the current credit crunch. The funds have had trouble attracting investors as home prices continue to fall.

Large investors are shying away from putting more money in banks that are suffering losses from bad loans and troubled investments, sources say. Many investors have already been burned once by bank stocks and fear the stocks have not yet hit bottom. "The window for capital-raising is closing," says Brad Evans, a portfolio manager for Heartland Advisors. "Investing in a bank right now means investing in a large portfolio of loans that are essentially a black box."

Bond insurers such as Ambac, MBIA and FGIC are trying to talk their way out of disaster after seeing their credit ratings downgraded. The insurers are asking banks to tear up insurance contracts worth an estimated $125 billion. The contracts were sold by bond insurers to guarantee payments on collateralized-debt obligations. Many of the CDOs were backed by mortgages that have plunged in value as foreclosures mounted.

The introduction of REITs into the Philippine real estate market could boost market liquidity and increase spending on infrastructure, Philippine Stock Exchange President Francis Ed. Lim said. "REITs have a potential in the Philippines due to the increasing demand for housing and BPO offices, as well as growing consumer spending and tourism," Lim said.

The Federal Reserve and the Securities and Exchange Commission are close to finalizing an agreement that would redraw the regulation of Wall Street. The agreement comes after the near-collapse of Bear Stearns and could be announced as soon as this week. The agreement is expected to cover how the agencies share information, including data regarding settlements, trades and positions.